Wednesday, 22 May 2019
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Getting Started with Bitcoin Card

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Acquiring a Bitcoin card

Bitcoin debit card is a useful tool for cryptocurrency users. You can access and spend Bitcoin using a debit card which brings extra convenience especially for global nomads. We will look at one of these cards known as Xapo as a guide to understanding their general acquisition process.

First of all we have to understand that is a card loaded with funds generated from Bitcoin. Think of it as a way to get your Bitcoin into normal currency or to be able to spend your Bitcoin. On their website you can place an order for one.

Similar platforms that offers cards include Bitwala, Wirex and Tenx. Upon establishing their reputability and whether the Visa multinational card company supports them, you can go on and order a Bitcoin card from a variety of such platforms.

How to use a Bitcoin Card

This the most important part, after all the entire point of the article was to better understand Bitcoin cards. I am quite adept at using practical examples and will cite another card for ease of explanation; BitPay.

To use BitPay, you first have to download a Bitpay wallet and order the card. In a few days you will get the card shipped to your address and that is where we pick up from. There is a fee for the card to cover cost of production and shipment.

Once you have the card, you activate it, much like your normal fiat debit card. You get a user PIN issued and verified by BitPay. You can load your card using Bitcoin or through direct USD deposit. Alternatively, you can use CoinBase to load the card.

BitPay also has a QR code mechanism that can also facilitate loading and sending of Bitcoin from your wallet to the card and even other miners. To understand more of how it works you can visit the BitPay wallet.

In a nutshell, the card adds convenience to the use of Bitcoin. The Bitcoin card can be used for any purchasing activity from merchants that accepts BTC as a settlement method or where Visa/MasterCard is accepted. This is a huge boost to the adoption of Bitcoin because a lot of retailers and companies have yet to accept it as a valid mode of payment. Like regular debit cards are to normal currency, Bitcoin cards are to Bitcoin.

From customer reviews, the top five best Bitcoin debit cards based on convenience, security, ease of use among other parameters are:  WageCan review, BitPay, Wirex review, CryptoPay review and CoinBase’s Shift.

The decentralized nature of these platforms is sure to prove its allure in the long term. Even though in the beginning of the year Visa stopped Bitcoin card services for some card companies in Europe, the momentum is still on the side of the cryptocurrencies. Necessity will dictate that another company will soon fill the void, unless VISA decides to roll back its decision.

The uptake of the cards in Asia particularly the likes of Hong Kong and China, besides of course USA and Europe is cause for great optimism.

As the cryptocurrency ecosystem improves with more and more forms of cryptocurrencies coming up, there is an increasing acceptance of Bitcoin as a currency for trading of the goods and services. This is widely expected to reduce the fees and increase the usability of Bitcoin as a currency as the competition increases from other cryptocurrencies. With the increased availability of these cards, virtual currencies like Bitcoins are finding meaning for everyday users in their everyday lives.

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